Higher-than-normal inflation continues to impact consumers’ spending habits, and that is true as well in predictions about what people will spend on the men in their lives this year for Father’s Day, according to one retail survey.
The National Retail Federation (NRF) said it expects consumer spending to be on par or slightly lower than 2021 because of inflationary concerns. Inflation is at a 40-year high, economic experts said, with the U.S. annual inflation rate at 8.3% for the 12 months ending April 2022, the most recent data available from the U.S. Department of Labor.
An estimated 76% of U.S. adults are expected to celebrate Father’s Day (June 19) this year, the NRF said in a statement. Consumer spending is expected to reach $20 billion compared to last year’s record-setting total of $20.1 billion, according to the Washington, D.C.–based trade organization along with its research partner, Prosper Insights & Analytics.
The NRF found that about 64% of consumers reported that they are seeing higher prices as they start their Father’s Day shopping.
“Despite growing concerns about inflation, consumers plan to spend approximately the same amount as last year in celebration of Father’s Day,” NRF president and CEO Matthew Shay said in a statement. “Spending patterns also reflect the sentimental nature of the holiday, as consumers are prioritizing unique and meaningful gifts.”
For Father’s Day, the watchmakers at Kross Studio are creating limited-edition gifts incorporating some of dad’s favorite characters, says Marco Tedeschi, founder and creative director of Kross Studio.
For example, Tedeschi says he is recommending Kross Studio watch rolls as great gifts for dads who love sci-fi, fantasy, and watches in equal measure. Starting at $250, the watch rolls are a practical and fun way to protect a watch at home or when traveling.
“For the ultimate superfans, we are also highlighting our new Boba Fett collector set and Batman collector set,” Tedeschi says. “Each of these high-end collector sets comes complete with a highly detailed central tourbillon timepiece and an interactive art object.”
The Boba Fett watch is made in collaboration with Lucasfilm, and it shows in the level of detail and artistic skill. The Swiss design studio created a watch that has a miniature starship favored by the infamous Star Wars bounty hunter on a landing platform, all on top of the timepiece’s meticulous tourbillion cage.
Father’s Day is a time to think back on what is meaningful, says Shannon Washburn, Shinola CEO, who is also celebrating more than 1 million watches built and 10 years of her company’s watch factory in Detroit.
“Our Father’s Day favorites this year reflect Shinola’s unwavering commitment to high-quality and timeless pieces. These heirloom-worthy gifts are designed to be lived in, worn out, and well loved,” Washburn says.
Shinola is promoting its Father’s Day gift ideas, which include its watches, with an email and online campaign that notes, “Dad just keeps on giving. Give a gift that can keep up,” highlighting its leather goods, games, and accessories.
NRF’s survey found that consumers will spend about $171.79 on their fathers and the father figures in their lives. Most people said they wanted to find unique gifts or gifts that create a special memory—and that they are looking to retailers to suggest what might be best. Popular presents include gift cards, tickets to a sporting or other event, taking their dad out to breakfast or another meal, as well as subscription-box services.
Forty percent of consumers told the NRF in its survey that they plan to shop for Father’s Day gifts online, while 34% plan to shop at department stores. Other choices are specialty stores such as greeting card or gift stores, electronics stores, and discount stores.
By comparison, the NRF predicted Mother’s Day spending would top $31.7 billion with consumers shelling out a “record” of $245.76 on their moms or mother figures. That is $25 more than in previous years, the NRF said.
The Father’s Day survey of 8,297 consumers was conducted May 2-9 and has a margin of error of plus or minus 1.1 percentage points.
Top: Kross Studios is highlighting its Boba Fett limited-edition watch and other sci-fi and fantasy goods for Father’s Day, which national surveys say will be on par with last year’s gift-giving levels (photos courtesy of Kross Studios).
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